ViaBTC has announced plans to issue a Bitcoin Cash Token. Find out what that means for your bitcoin holdings today in our report.
What Is Bitcoin Cash Token?
Bitcoin mining pool and cryptocurrency exchange ViaBTC will designate a Bitcoin Cash (BCC) token if a user-activated hard fork emerges in August. The decision was made after the company received several inquiries from miners and cloud mining contract holders.
The decision is good news for Bitcoin ABC supporters. The user-activated hard fork (UAHF) proposal is better known as Bitcoin ABC.
ViaBTC officially supports the New York Agreement, better known as SegWit2x. This agreement will implement SegWit immediately on August 1, if enough nodes support it. It also includes a built-in hard fork further down the road. In short, ViaBTC is supporting whatever Bitmain and Antpool are doing.
Basically, ViaBTC’s Bitcoin Cash Token is a backup plan in the event that a user-activated hard fork ever activates on the network. If this happens, we would see another “version” of bitcoin emerge on a separate blockchain. In that case, exchanges and wallets would need to create a new designation for this currency. Thanks to this latest announcement, we know that ViaBTC Will label the UAHF token as Bitcoin Cash, or BCC.
When Will Bitcoin Cash Token Be Released?
The Bitcoin Cash Token could appear online as early as August 1.
Of course, there’s no guarantee that the Bitcoin Cash Token will be released on August 1 – or if it will ever be released. Right now, a bitcoin split remains a possibility. However, it’s widely believed that common sense will prevail.
There’s also the problem about the name: BCC is already used by a cryptocurrency called BitConnect Coin. It’s unclear if Bitcoin Cash Token will use BC, BCC, or an alternative like BCT (although BCT is already used by yet another token that launched on Waves earlier this year).
Things Are About to Get (Even More) Confusing
SegWit2X, UASF, and Bitcoin ABC are all planning to implement their own protocols onto the bitcoin network over the coming weeks.
If the Bitcoin ABC proposal is successful, then ViaBTC Will support it as a Bitcoin Cash Token.
Ultimately, the fact that ViaBTC is calling Bitcoin ABC’s fork the “Bitcoin Cash Token” means that they don’t consider Bitcoin ABC to be the true version of bitcoin, even if the network splits. The company intends to honor the New York Agreement, which means they see SegWit2x as the intended bitcoin scaling solution.
If the fork does occur, ViaBTC will launch a BCC mining pool to support the fork’s Bitcoin ABC protocol. Still, there’s a possibility we end up with three different bitcoin blockchains.